Nov 13, 2012 3:00pm PST
, suggesting that 2013 would be the fifth straight trillion-dollar deficit. mitch mcconnell says higher taxes won't solve that problem. >> this is partisan politics. this is not an option. raising tax rates would destroy 700,000 jobs >> reporter: on this day, the president met with labor and progressive leaders since the day after his re-election that he opposed cuts to medicare and social security benefits. >> the president is committed to making sure that the middle class and the workers are paying the tax for parties we didn't get to. >> reigning in cost of medicare and medicaid is essential to controlling the deficit. mr. obama offered $34 billion a year in savings. republicans don't think it's enough. and they're demanding to be part of the solution. >> the venters also -- the voters also have republican controlled house and closely divided senate. in a government of three equal branchs, that is hardly irrelevant. >> at the white house, despite the seeming impasse over the bush tax cut, carney insists there is flexibility dealing with the deficit. >> i don't think the president is in a p
Nov 14, 2012 3:00pm PST
in day mcconnell said it's the president's turn to have a detailed plan to include entitlement reform and could win support of both parties to have a chance of becoming law. >> wholesale prices dipped for their first decline since may. wall street did not take the news well. dow lost 185. s&p 500 dropped 19. nasdaq fell 37. many european say they reached the breaking point with evidents to deal with the continent's economic woes. senior foreign affairs correspondent ammy kellogg reports from london. much of the frustration took to the streets today. >> it was europe's first pan continental day of action with strikers saying enough is enough. arguing that the austerity cuts are crippling and not helping. >> it's just a terrible situation. only cuts, cuts, cuts. >> tear gas rained down, so did a bar ran of discouraging numbers. factory fell to steepest days in years and even in the powerhouse country of germany. greece's economic output shrunk by 7.2% in third quarter though terrorism was up. youth unemployment is at 58%. bank of england scaled down the projection of growth in the u.k.